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GBPUSD Shorts Favored Below 1.2290
The GBPUSD is at risk of closing the day below the 1.2290 region. If you watched Saturday’s Forex Forecast video, you know that 1.2290 was a “must hold” area for buyers. It’s the intersection of ascending channel support from the year-to-date low and a horizontal level that has been a factor since late August. In fact, the 1.2290 area has been influential as far back as October and November of 2016. You also know from Saturday’s video post that I’m not surprised to see the pound breaking down today. I pointed out the “heavy” price action above the 1.2290 support area in that video, noting that it ... (full story)